Massive bull Rakesh Jhunjhunwala and spouse Rekha Jhunjhunwala minimize their lowered stake in inventory of gems and jewelry maker Titan Firm to five.53 per cent for the quarter ended March 2020. The Jhunjhunwala couple bought 1.03 crore shares of Titan throughout final quarter. For the quarter ended December 31 2019, Jhunjhunwalas held 6.69 per cent stake within the firm.
Rakesh Jhunjhunwala first purchased Titan inventory in 2002-2003. Since then, the sensible investor has been altering his shareholding, in keeping with market circumstances and efficiency of the agency. Other than Jhunjhunwalas, overseas portfolio traders (FPIs) additionally lowered their stake within the firm to 17.74 per cent in final quarter in comparison with 18.31% in December quarter.
Nonetheless, home institutional traders comparable to Life Insurance coverage Company and mutual fund homes raised their stake to 2.27 per cent and 5.66 per cent, respectively, in March quarter from 1.64 per cent and 5.15 per cent, respectively, for the quarter ended December 2019.
At 1: 33 pm, share value of Titan Firm was buying and selling 0.19% increased at Rs 969.55 in comparison with the earlier shut of Rs 967.35 on BSE. The big cap inventory opened at Rs 979.55. Titan share value gained 2.33% intra day to Rs 989.9 on BSE. The big cap inventory has gained 5.95% in final one week in comparison with a 4.08% rise in Sensex in the course of the interval.
The inventory has misplaced 18.48% for the reason that starting of this 12 months and has fallen 11.2% over the past one 12 months. It traded increased than 5 day and 20 day transferring averages however decrease than 50 day, 100 day and 200 day transferring averages.
Titan Firm share ended over 11% increased on April 9, 2020 after the agency stated it was working out its technique to handle the disaster scenario amid the coronavirus lockdown with specific focus on making certain ample liquidity. Sentiments across the inventory have been constructive as Titan Firm stated its watches division grew by 1% regardless of the numerous lack of gross sales within the month of March.
Ecommerce was the quickest rising channel for each This fall and full 12 months, the corporate added in its This fall replace. In Q3 of final fiscal, Titan Firm reported a 12.9 per cent rise in standalone internet revenue at Rs 470 crore up from Rs 416.23 crore in the identical interval final 12 months. Titan Firm’s gross sales for Q3 grew 8.40 per cent to Rs 6,105.96 crore from Rs 5,632.45 crore in the identical quarter final 12 months.
By Aseem Thapliyal